18 May 2009

economic methodology

"Calculus has been so successful because of its extraordinary power to reduce complicated problems to simple rules and procedures".

No argument from me on this one. Thing is, calculus fails both in the realm of prediction of complex systems (because when we simplify we lose partial determinants), and also in the realm of the important, the non-tangible, the non-rigorous, calculus can not appreciate the beauty of the insane.

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